Finding lowest project cost if completion time reduced

Assignment Help Project Management
Reference no: EM1335630

A. Henry Morgan is interested in analyzing one particular job that his company has bid on. It is essentially an assembly job with some machine work as well. His foreman has told Mr. Morgan that the whole job can best be analyzed by breaking it down into a total of 11 activities, not counting the Start and Stop nodes. The foreman has also developed estimates of the time to accomplish each and has identified the precedence relationships (if any) among the activities. This information is summarized in the table below (see attachment).

a) Draw the project network using the AON approach. (Make sure to include the names of the nodes and their activity times).

b) Identify the critical path(s).

c) What is the time until completion?

d) Which activities have slack time-how much is in each? (Show your work)

B. The diagram below (see attachment) represents a PERT chart with seven nodes. The normal time (in days) to complete each task is given by the numbers above each node. Suppose that the cost to do each task in the normal amount of time is as follows: $1900 for tasks A, B, and D and $1700 for tasks C, E, F and G.

The table shows both the maximum number of days that it is possible to reduce the
normal time to complete each task and the additional cost per day over and above the normal costs to reduce the time for each task.

a) What is the cost to do the project at the normal speed?

b) Find the lowest project cost if the completion time must be reduced by 1 day?

c) Find the lowest project cost if the completion time must be reduced by 3 days.

Reference no: EM1335630

Questions Cloud

Misuse of data : Imagine that you are a local law enforcement administrator. Are there ways in which these data might be misused?
Management system influence motivation and retention : How does a strong performance Human Resource Management System influence motivation and retention
Explain specific hr functions : Are there any insights - lessons to be gained from the Britannica experience that can be applied to the specific HR functions
Advantages for using the object oriented approach : Supporters of object oriented databases list numerous advantages for using the object oriented approach versus the relational one. Is the relational database model doomed to extinction or are there characteristics of the relational model that make..
Finding lowest project cost if completion time reduced : Find the lowest project cost if the completion time must be reduced by 1 day?
Describe how an organization becomes a learning organization : Describe how an organization becomes a "Learning Organization." How do ethics and human responsibility influence human behavior in organizations?
Describe the histogram : Describe the histogram
Five-year hr forecast powerpoint presentation : McBride Financial Company Five-Year HR Forecast PowerPoint Presentation - Consider over the past 2 years that the following changes have occurred within McBride Financial.
Can data administrator really be on the same level as dba : Should the data administrator really be on the similar level as the DBA (database administrator), usually somewhat low in the corporate hierarchy or should this person have an elevated level of importance.

Reviews

Write a Review

 

Project Management Questions & Answers

  Black-scholes options pricing model

Calculate the payoff and the profits for investments

  Calculate potential financial implication

Develop a plan to calculate potential financial implications for a nationwide company of your choice. Provide a scenario in which a break-even sales analysis for reactive pricing would be the best option for a company.

  Reviewing the fleming and koppelman article

Review the Fleming and Koppelman article from your assigned readings.

  Capital revenue in the public sector

Specification Stage, Design Stage, Build Stage, Capital revenue in the Public Sector, recurrent revenue in the Public Sector, Policy Framework (PF),  Vision Statement, Mission Statement

  Describing the purpose of attributes of a project

Using the concepts within the textbook "A Not-for-Profit Organization" , outline some attributes of a project, and describe their overall purpose.

  Purchasing in consumer and business markets

What are the key differences between purchasing in consumer and business markets? The buying centre refers to all the individuals and units participating in business purchase decisions.

  Analyzing the budget and actual costs

An inexperienced project manager analyzed the budget vs. actual costs and found that project spending was 10% under budget and was overjoyed at such "good news."

  Statement showing the incremental cash flows

Make a statement demostrating the incremental cash flows for this project over an 8-year period. Compute the payback period (P/B) and the net present value (NPV) for project.

  Managerial roles and gap analysis

Write a report on Managerial Roles and Gap Analysis

  Adequacy of project policies-procedures and techniques

Demonstrate the adequacy of project policies, procedures, and techniques.

  Project management practices

If you don't have personal experience with a project, research how project management practices have made projects successful.

  Information security issues

What information security issues does electronic records management address? What types of mechanisms can be used to help increase collaboration across business and IS leaders?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd